Bitcoin stabilized yesterday, but bulls didn’t pull through enough to reverse recent losses. Technically, and looking at the BTC arrangement in the daily chart, sellers are still in charge. Notably, the path of least resistance is southwards, with the April 13 bar setting the pace of the current trend. Though the uptrend remains, at least from the top-down preview, how prices pan out today will largely depend on sentiment.

On the last day, Bitcoin added 6% but is still down 9% in the previous week. Traders are generally upbeat, expecting prices to rebound strongly, perhaps rising to the multi-week range established in mid-March. So far, the average trading volume of the past 24 hours is around $48 billion, up 15%.

In the past 24 hours, the following Bitcoin news dominated headlines:

• Bitcoin Halving is set for today. With this adjustment, the network will automatically halve miner rewards, reducing inflation. Lessons could be learnt from recent halving events in Bitcoin Cash and Litecoin. After the initial pump, prices fell sharply in subsequent sessions. A key level to watch in the next few trading days is $60,000.
• Traders are optimistic. One analyst recently said Bitcoin Halving will be different from the rest. Though experts say the coin will peak in 2025, one is bullish, expecting prices to float higher in the coming years. The drive higher will be driven by institutional demand via spot ETFs.

Bitcoin Price Analysis

BTC/USD is firm in the past day but remains within a bearish formation, capped inside the April 13 bar.

Optimists expect prices to rise sharply, even above the current range, and break $74,000.

However, before then, traders should watch how prices react within the April 13 bar at $65,000 and $61,000.

In the short term, any break below $61,000 might trigger a sell-off towards $56,000.

Conversely, a bounce above $65,000—ideally with rising volume—will propel the coin back to the range with caps at March 2024 highs.